Rough cost of selling and buying in London

KLB

Hi,
I want to sell our house and buy somewhere new, both in London. I'm worndering how much money I need saved beforehand to do this, in respect of estate agent and solicitor fees, etc. I know stamp duty depends on house price but if anyone could give me a rough estimate of the rest of the costs involved.
It was 12 years ago I last moved so I'm sure it costs a bomb now. Also wondering how much needs to be paid upfront, ie, do I need 10 grand or more before even thinking about moving? Can I incorporate the costs into my re-mortgage?
Sorry if this is a stupid question.
Thanks.

Fire_Fox

It's worth running an advanced search, this comes up regularly.

KLB

I'll give that a go, thanks.

KLB

well... various searches haven't really thrown up anything similar to what I'm asking (unless I'm doing it wrong) so if anyone could help me with my original question.. thanks.

Alisha2008

I assume you need to sell your house before buying a new one? We moved 2 years ago and there were not many costs.. we got a mortgage that included all the legal fees, so the only things to pay were the mortgage fee (I thingk £100?) and the stamp duty, that you can calculate yourself.

You don't need 10k or anything like that to move, in fact we didn't spend anything.. we gave as a deposit the money we made from selling the previous hose, and got a mortgage for the rest. We didn't put any money from savings or anything.

hazyjo

You're probably looking at at least 1% for (traditional) EA's costs.

Advisable to use your own solicitor rather than one associated with the EA. I'd budget a couple of grand for costs. You never know when things will go wrong, or purchases/sales fall through (been there done that). My last one came in at under £2k (miraculously).

Removals - depends if you want them to pack. Could easily be up to a grand if so.

Survey - again, depends. Anything between £250-1,200 depending on which, where and size, etc.

Mortgage charges - possible redemption fee, valuation, possible charge for product - hundreds or over a grand, depending on what you opt for.

Jx

SecondTimeBuyer

I've sold (£199,000) and bought (£275,000) in London this year and this is a breakdown of my costs:

Solicitors: £2,500
Estate Agents: £2,400 (1% + VAT)
Stamp Duty: £8,250
Mortgage: £600
Survey: £625

So that's £14,375.00 for the move, not including all the van hire etc.

Fire_Fox

KLB wrote: »

well... various searches haven't really thrown up anything similar to what I'm asking (unless I'm doing it wrong) so if anyone could help me with my original question.. thanks.

Advanced search
change 'search entire posts' to 'search titles only'
search term "cost buying" or "cost selling" or suchlike
Loads of threads

KLB

Thanks guys, very helpful, esp SecondTimeBuyer, really appreciate it.

cosmojohnson

SecondTimeBuyer wrote: »

I've sold (£199,000) and bought (£275,000) in London this year and this is a breakdown of my costs:

Solicitors: £2,500
Estate Agents: £2,400 (1% + VAT)
Stamp Duty: £8,250
Mortgage: £600
Survey: £625

So that's £14,375.00 for the move, not including all the van hire etc.

Just sold (£180k) and bought (£320k) in London recently as well...

Searches/Land registry/"Freeholders registration" fees etc. approx £1k*
EAs £3.3k
Stamp Duty £9.6k
Survey £300
Mortgage arrangement fee £995 (but added to the loan balance)**

* Family member is solicitor so just the search costs etc were passed on...
** Also had £250 cashback on completion.